Bengaluru, Jan 17 (PTI) Exide Life has announced the appointment of Sanjay Vij as the Executive Director and Principal Officer with effect from January 10.

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On January one, 2022, HDFC Life Insurance Company Limited announced the completion of the acquisition of Exide Life Insurance Company Limited, subsequent to receiving all relevant regulatory approvals, an Exide Life statement noted on Monday.

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Pursuant to the agreement, there was a cash pay-out of Rs. 726 crore and 8,70,22,222 equity shares at an issue price of Rs 685 per share were allotted to Exide Industries Limited.

Exide Industries now holds 4.1 per cent stake in HDFC Life. The process for merger of Exide Life into HDFC Life will be initiated shortly, the statement said.

Vij joined HDFC Life in July 2001.

As the Group Head - Bancassurance and Chief Values Officer (CVO) in HDFC Life, he was responsible for managing the P&L, market growth, and business of crucial bancassurance channels, it was stated.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)